Chinese shares close higher ahead of quarterly data release
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Chinese equities rose slightly Wednesday with the benchmark gauge up 0.16 percent, led by non-ferrous metals and gold producers, but energy and real estate heavyweights corrected after Tuesday's gains.
The benchmark Shanghai Composite Index on the Shanghai Stock Exchange closed at 3,166.18 points, up 4.93 points.
The Shenzhen Component Index on the Shenzhen Stock Exchange closed at 12,557.7 points, up 45.8 points, or 0.37 percent, from the previous close.
Total turnover shrank to 248.5 billion yuan (36.4 billion U.S. dollars) from 339.3 billion yuan on the previous trading day.
Gainers outnumbered losers by 631 to 243 in Shanghai and 608 to 299 in Shenzhen.
Non-ferrous metals led the gains, with Zhongjin Gold Co., up 8.12 percent to end at 56.43 yuan per share and Shandong Gold Group Co. adding 4.63 percent to 79.51 yuan per share.
China is scheduled to announce a series of major economic data for the first quarter Thursday, including the Consumer Price Index (CPI), industrial output, retail sales and urban assets investment.
Inflation expectations pushed up agriculture related shares, with eight stocks growing by more than 4 percent.
Cement producers based in northwest China rallied after a 7.1-magnitude earthquake hit Qinghai Province early Wednesday. Xinjiang Tianshan Cement Co. added 6.58 percent to 25.93 yuan per share. Gansu Qilianshan Cement Group Co. rose 5.01 percent to 17.18 yuan per share.
Oil heavyweights slid despite a rise in gasoline and diesel prices, both by 320 yuan per tonne, from April 14. Sinopec, China's largest oil refiner, shed 0.43 percent to 11.54 yuan per share. PetroChina, the nation's biggest gas producer, was down 0.61 percent to 12.97 yuan.
Property developers dropped over concerns that the government would move to cool the real estate market. China's statistics authority said Wednesday home prices in major cities grew at a double-digit pace in March.
China Vanke, the nation's biggest property developer by market value, dipped 0.43 percent to 9.21 yuan per share, while Poly Real Estate Co., the second largest, slid 0.84 percent to 18.79 yuan.
